Final answer:
A fishing or drill bit with a hole in the end, also known as a core bit, is used for extracting cylindrical cores from materials. The hole in the end allows the core sample to pass through the bit during drilling.
Step-by-step explanation:
A fishing or drill bit with a hole in the end is commonly known as a core bit. Core bits are used in various engineering applications, such as in drilling for geological samples or extracting cylindrical cores from concrete structures. The purpose of the hole in the end of the bit is to allow the core sample or material to pass through the bit as it is being drilled, making it easier to extract.